Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Ryman Healthcare lifts annual profit 43%

Ryman Healthcare lifts annual profit 43% as it benefits from new villages, property gains

By Tina Morrison

May 15 (BusinessDesk) – Ryman Healthcare, New Zealand’s largest listed retirement village operator, lifted profit 43 percent as it gained more revenue from a larger base of villages and the value of property increased.

Net income rose to $194.8 million, or 39 cents a share, in the 12 months ended March 13, from $136.7 million, or 27.3 cents, a year earlier, Christchurch-based Ryman said in a statement. Revenue from ordinary activities rose 12 percent to $203.2 million while the value of properties increased by $85.1 million.

Ryman acquired six new sites in New Zealand during the year, extending its land bank earmarked for development to 4,208 beds and units from 2,438 a year earlier. Retirement villages are benefiting from an increase in average life spans which is stoking demand from the elderly, with the number of New Zealanders aged over 65 forecast to increase by 20,000 per annum.

Ryman increased its annual building target to 850 beds and units a year in New Zealand by 2017, from a rate of 700 a year.

Ryman has now expanded to Australia, with the first residents moving into its Melbourne village this month and the company has now bought another site in the eastern suburbs of Melbourne, it said today.

“We’re still learning about Australia but our experience so far has exceeded our expectations and given us the confidence to expand,” Chairman David Kerr said.

In the past year, the number of sales of occupation right agreements slipped to 977 from 985 although fee revenue rose to $368.2 million from $345.6 million.

The company’s total retirement village units and residential beds rose 8.6 percent to 6,724 as retirement village units increased 11 percent to 4,207 and residential care beds rose 4.9 percent to 2,517.

Ryman will pay a final dividend of 6.2 cents a share on June 20.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Export Values Down: NZ Posts Biggest Annual Trade Deficit In 7 Years

New Zealand has recorded its biggest annual trade deficit since April 2009, reflecting weaker prices of agricultural commodities such as dairy products, beef and lamb, and increased imports of vehicles and machinery. More>>

ALSO:

Currency Events: NZ's New $5 Note Wins International Banknote Award

New Zealand’s new Brighter Money $5 note has been named Banknote of the Year in a prestigious international competition. The $5 note was awarded the IBNS Banknote of the Year title at the International Bank Note Society’s annual meeting. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news